OPEN-SOURCE SCRIPT
Fish Sniper - Trendicator
This is a modified version of the Fisher Indicator.
How to use:
If you see the white stream crossing up or down on the dotted/dashed hlines then you are seeing the price and trend heading that direction. The green bars indicate an optimal long position, and the red bars indicate a short or an exit position. The green and red bars show when the white stream passes just above or below the ZERO line (dashed Aqua line).
While entering/exiting on the green/red bars generally a good strategy, it's good to look at the bigger picture and see how far the white stream has traveled to reach the ZERO line. You can often avoid trading on a sideways market if you notice smaller movements on the white stream.
This indicator will also draw a grey candle on your chart to signal it's time to exit a long trade and it will draw a purple candle when it's time to enter a long.
I mostly use this indicator as an additional confirmation to enter or exit an open position, it's worked well for me in avoiding some big drops in my crypto trading and entering early on some nice uptrends.
How to use:
If you see the white stream crossing up or down on the dotted/dashed hlines then you are seeing the price and trend heading that direction. The green bars indicate an optimal long position, and the red bars indicate a short or an exit position. The green and red bars show when the white stream passes just above or below the ZERO line (dashed Aqua line).
While entering/exiting on the green/red bars generally a good strategy, it's good to look at the bigger picture and see how far the white stream has traveled to reach the ZERO line. You can often avoid trading on a sideways market if you notice smaller movements on the white stream.
This indicator will also draw a grey candle on your chart to signal it's time to exit a long trade and it will draw a purple candle when it's time to enter a long.
I mostly use this indicator as an additional confirmation to enter or exit an open position, it's worked well for me in avoiding some big drops in my crypto trading and entering early on some nice uptrends.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.